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Thursday, 11 February 2016

Live Mcx Market News On Crude oil

Crude oil futures tumbled by over 2 per cent in the domestic market on Wednesday as investors and speculators shunned the energy commodity amidst lingering fears over a growing supply glut as hopes of an agreement between OPEC and Non-OPEC producers, to curb production, faded while the IEA warned that oversupplies may worsen in the first half of this year as Iran and Iraq bolster production while demand slows.

Traders digested mixed US inventory data which showed that while crude stockpiles fell by 754,000 to 502 million barrels in the week ended February 5, 2016, compared to expectations of a 3.2 million barrels increase, supplies at Cushing, the biggest US oil storage hub, surged to a record high of near 65 million barrels.